Silver Setting Up for Another New Run
Updated
Silver market is setting up for another bullish move. There is a nice gradual uptrend that has occurred over the last three weeks. This is the lead into the recent spike up over the last week.
These are all bullish signs. Now add in the crossover of the 14 Day Moving Average of the 30 Day Moving Average and you have another confirmation signal that is bullish.
The most compelling indicators are the pivots shown in the many colored dots. When the pivots are in a vertical setup close together like these, I call this the Pivot Stack. This stack of pivots are the Daily Pivot, Weekly Pivot and the Monthly Pivot along with the 6 Day Rolling Pivot Range. This is the key support that I am basing the anticipated move up.
I will go long here, about 14.650, and place the stop loss just below the Pivot Stack, 14.250, for a good risk reward trade. Happy Friday!
*See the Legend below for the Indicator Guide*
IF YOU THINK THIS STUDY HAS VALUE, PLEASE FOLLOW ME AND LIKE THE CHART.
Thank you for your support – I look forward showing you many more studies like this that can help you with your trading.
Indicator Legend:
Daily Pivot Range-DPR (blue/magenta dots) | Weekly Pivot Range-WPR (orange/red dots) | Monthly Pivot Range-MPR (green/black dots)
6 Day Rolling Pivot Range-RPR (lime/yellow dots)
Daily Pivot Moving Averages-DPMA: red=14 day, yellow=30 day, white=50 day
These are all bullish signs. Now add in the crossover of the 14 Day Moving Average of the 30 Day Moving Average and you have another confirmation signal that is bullish.
The most compelling indicators are the pivots shown in the many colored dots. When the pivots are in a vertical setup close together like these, I call this the Pivot Stack. This stack of pivots are the Daily Pivot, Weekly Pivot and the Monthly Pivot along with the 6 Day Rolling Pivot Range. This is the key support that I am basing the anticipated move up.
I will go long here, about 14.650, and place the stop loss just below the Pivot Stack, 14.250, for a good risk reward trade. Happy Friday!
*See the Legend below for the Indicator Guide*
IF YOU THINK THIS STUDY HAS VALUE, PLEASE FOLLOW ME AND LIKE THE CHART.
Thank you for your support – I look forward showing you many more studies like this that can help you with your trading.
Indicator Legend:
Daily Pivot Range-DPR (blue/magenta dots) | Weekly Pivot Range-WPR (orange/red dots) | Monthly Pivot Range-MPR (green/black dots)
6 Day Rolling Pivot Range-RPR (lime/yellow dots)
Daily Pivot Moving Averages-DPMA: red=14 day, yellow=30 day, white=50 day
Note
This kind of move through all the pivots and support is not very common. We maintain our stop loss and wait for the support to hold and rally or price breakdown to take us out.
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